Until there’s a change in the Australian competitive landscape or approval process we find it hard to imagine AVJennings and Devine rolling in profits any time soon. In any case, if you own the banks or a home, you probably have more than enough exposure to Australian property for one portfolio. If housing does well, you will too.

Morgan Stanley has entered the final and potentially most turbulent stage of its exit from Investa Property Group, the $8.9 billion real estate empire it acquired shortly before the global financial crisis erupted in 2007.